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Page 12 of 15
we think about pricing first through the lens of our guests
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2022 Q2
18 Aug 22
we're growing unit share in every major category
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2022 Q2
18 Aug 22
select portions of the portfolio and discretionary that have stayed resilient, whether it's toys, luggage, seasonal moments, fashion forward apparel.
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2022 Q2
18 Aug 22
the amount of receipts that were cut from discretionary categories in Q3 and Q4
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2022 Q2
18 Aug 22
some of the costs of our inventory actions do spill over into the third quarter
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2022 Q2
18 Aug 22
to get to a 6% in total that implies a lower number in the third quarter.
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2022 Q2
18 Aug 22
6.8% last year and 6.5% the year before that. That's the right range around which we set our expectations for the fourth quarter.
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2022 Q2
18 Aug 22
the operating margin rate improvement we're projecting in the back half of the year should serve as an early indicator of the continued rate improvement we should deliver in the years ahead.
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2022 Q2
18 Aug 22
rapidly changing consumer preferences inflation at four-year highs, volatile supply chain conditions, and rising fuel and transportation rates that are expected to add well over $1 billion of cost this year.
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2022 Q2
18 Aug 22
the macro and consumer risks in the back half of this year feel skewed to the downside
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2022 Q2
18 Aug 22
in Q4, we'll be annualizing meaningful cost headwinds that surfaced a year ago, which will make the year-over-year comparison more favorable
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2022 Q2
18 Aug 22
in the third quarter, we'll continue to experience some spillover impact from our inventory actions in the range of $200 million.
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2022 Q2
18 Aug 22
we expect our third quarter rate will be well below our Q3 performance over the last couple of years while our fourth quarter rate should be much more in line with our recent Q4 experience.
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2022 Q2
18 Aug 22
our most recent guidance anticipated a fall season operating margin rate and a range centered around 6%
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2022 Q2
18 Aug 22
we remain positioned to deliver an operating margin rate in a range around 6% in the fall season.
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2022 Q2
18 Aug 22
Regarding the top line, our expectations have remained consistent so far this year with guidance for full year total revenue growth in the low to mid-single-digit range.
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2022 Q2
18 Aug 22
we now expect our full year CapEx will be $5 billion or more for the year
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2022 Q2
18 Aug 22
Our first priority is always to invest fully in our business in projects that support our strategic and financial criteria. Once we've met this first priority, we support our dividend and look to extend our 50-year record of annual increases. And finally, once we've supported the first two priorities, we return any remaining excess cash by repurchasing our shares over time within the limits of our middle A credit ratings.
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2022 Q2
18 Aug 22
On the SG&A line, we continue to benefit from fixed cost leverage and efficiency gains across our operations which helped to offset the impact of cost inflation across multiple expense lines.
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2022 Q2
18 Aug 22
the softness in higher-margin categories like apparel and home was largely offset by softness in lower-margin discretionary categories most notably electronics.
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2022 Q2
18 Aug 22